Over 1.2 billion consumers worldwide are underbanked, meaning they have bank accounts or utilize other financial services, but they frequently remove themselves from the financial system because it's cheaper and easier to operate in cash. Traditional banking models are forcing consumers out of the financial system due to their reliance on expensive legacy systems, unsustainable products, and outdated services. Wala is changing this by making banking easy and accessible.
Wala is bringing to market the first digital banking platform for underbanked consumers in emerging markets and we are starting with Africa. A platform-driven by efficiency, price, experience, and trust.
The Wala digital banking platform sits on top of bank’s existing infrastructure and provides FREE banking in the form of current and savings accounts to Wala customers. But that's not all... Our technology provides free P2P payments as well as more efficient access to insurance, loans, remittance, and other financial services. Wala looks and feels like a bank to a user, but works with existing banks to bring free digital banking to consumers.
Over the first 9 months of existence, Wala has organically signed up 1M+ users for the Wala digital bank launch and built a financial community. On a daily basis, users get financial advice, participate in financial challenges to win rewards, and provide feedback on Wala prototypes.
Over the next 6 months, Wala is launching in multiple markets giving users access to the full Wala banking product. Our vision is to create a platform that allows consumers to remain engaged in the financial system, provides access to all of the necessary financial services, and quickly scales across markets, faster than any traditional bank could.